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maria: welcome back. good wednesday morning. thanks very much for joining us i hope you are having a good wednesday i am maria bartiromo. it is wednesday, march 13, it is 8:00 a.m. on the east coast, former special counsel robert hur defending his report on president biden's mishandling of classified at this moments in a house hearing said biden willfully retained documents read out classified notion of government wry dplalt republican lawmakers clashed with his findings. >> the president i did not

share classified information i did not share i guarantee i did not. that is not true is it mr. hur? >> that is inconsistent with the findings based on in evidence my report. >> it is a lie? you exonerated him. >> i did not exonerate him -- >> has, mr. hur my time. >> all i have to do when i am caught taking home classified materials is say i am sorry mr. hur i am getting old my memory is not so great. >> congressman. >> this is doctrine you established in laws now it is frightening. >> you cannot tell me heure so naïve as to think your words would not have created a political firestorm that you are suggesting that i shape sanitize omit portions of my reasoning and explanation to attorney general for political reasons. >> no. i signatured you not shape your reports for political reasons. >> would not have -- that did not happen? >> wisconsin congressman tom

tiffany asking hur whether white house interfered with final draft of his report. february 5, letter that was sent to you asking you to change -- um -- um -- references to the president's poor memory was there isn't a "by white house to do that. >> there was a question yes. >> did white house then, go to the attorney general himself, and say that he would like to see changes to trefrns in regarding to the president's memory. >> white house counsel did send such a letter. >> the white house now declaring president biden is innocent saying they are ready to move from hur investigation, watch this. >> i think main thing to take away from today two words for the american people, case closed. >> joining me right now by congressman tom tiffany member house judiciary committee congressman what did you learn yesterday that is appropriate? case closed?

maria i enjoyed that response i want to say case is closed also i thought one of the best exchanges thep money from yesterday came in questioning from representative kiley from california said could a reasonable voter convict in have case mr. hur said "yes", so it is very clear pattern of conduct, by president biden, as vice president, and citizen job a pattern of conduct if one-off maria, yeah. i -- i mean you give people a break. but this is a man who spent career in politics knows how to play the game knows how classified documents work. and he chose to ignore the law. >> i mean maybe, maybe a pattern but will there ever be any accountability for it? i mean democrats maybe hearing all about former president trump yesterday claiming hur wrote report to help trump become president again watch

this. >> you are do everything you can do to get president trump reelected so that you can get appointed as federal judge, perhaps another position in the department of justice? isn't that correct? >> congressman i have no such aspirations. >> i want to see if you required to not accept a president from donald trump if elected as president? >> congressman i don't i am not here to testify. >> -- what will happen. >> president biden has mental acuity to navigate this situation, donald trump did not. >> no. i suggest you not shape your reports for political reasons. >> did not have -- they did not -- >> congressman, your reaction? >> maria, they are in full panic mode. you have seen polling,up to like what is it 60% democrats do not want joe biden running for president. they are in full panic mode.

maria: are lee, your numbers prove that. lee: yeah 63% americans right now questioning mental fitness staggering when you think about it 30, only one third americans think he is up for the job. maria: that is staggering. >> they are staggering. >> congressman there is are reportedly a damage assessment underway with regard to the impact of the classified material, what does that mean congressman? what can we expect to come out of this quote/unquote damage assessment? >> um -- who is doing the damage assessment can you share that with me. >> sure. special counsel robert hur confirmed justice department intel communities are performing this damage assessment i just never heard of anything like this, within this context, i am curious as to what what happens from here. >>. maria: white house feels that his language about biden being an elderly man with bad memory

caused damage. >> yeah. it is very clearly done that, i think mr. hur's testimony is a good piece a small piece a very good piece that fits into what has been happening with representative comer the oversight committee, i think this will be added to for the american people, what did mr. hur in effect say yesterday? i am going to leave this to voters of the united states of america, to decide who they want as president, whether joe biden should continue, to have a second term as president i think that is ultimately what he was saying. >> look, the white house wants this to just go away, move on they also want us to believe, that given mr. smirnov was indicted that acquire into impeachment for biden should go away swell, they want the investigation into hunter biden shut down oversight committee has subpoenaed at&t they want 15 years of hunter biden's phone records, devon

archer, jason galanis tony bobulinski invited to pest publicly next wednesday where does impeachment acquire stand what does next wednesday's testimony get you he everybody on both sides of aisle gets five points to ask these folks a question. >> where smoke there is fire i think closer to fire that is where mr. hur's testimony yesterday was valuable as we move forward we are going to find more information, the information is continued to drop is there steadily week after week in regarding to biden family their dealings, remember what this is really all about, yes you have someone trying to enrich himself and his family but this is about the national security concerns when you have countries that our adversaries in particular china looking for openings, of political operate

ifrz, officials may be subject or susept ible. >> we put a spotlight on chinese communist party every day we are wondering where this is going what do you believe most damning to evidence approve what you just said. >> i think it is the -- the 20 phone calls that joe biden said i did not do the 20 shell companies over 20 million dollars, and when you find checks like the 40,000 dollar check that came directly from the chinese to joe biden's bank accounts no account those things creating solid paper trail that shows there is proof what is being done is illegal by biden family. >> 40,000 dollar check was 10% of 400,000 dollars that came from china; correct? >> yeah, that is correct, think about yesterday maria, joe biden gets

8-million-dollar book deal part of the point i was trying to make in my testimony, this is a pattern of conduct by joe biden, trying to enrich himself. maria: all right. we will keep following it tom tiffany in d.c. we are just is getting started quick break president biden president trump set for 2020 rematch in 2024 biden's approval rating plummeting as trump's picks up steam many the hot topic of the hour coming up next you are watching "mornings with maria" live on fox business. ♪ ♪ the music ♪ ♪ business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in.

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yesterday on x, watch. >> republican national committee has just declared us the official nominee we're not taking time to celebrate we will celebrate in 8 months when election is over, november 5 i believe will go down as most important day in the history of our country. >> president biden said i am honored broad coalition of voters representing rich diversity of the democrat party across the country put faith in me again to lead our party and country, in the moment threat poses is greater than ever hearing this all year. adam: i wonder if he wrote those or one of his handlers wrote them very well afraid of thoseed phrased.

>>. lee: he clinches nomination first thing issor i think interesting. maria: hearing this all year going to be tit-for-tat all year. >> non if something was accurate did his broad coalition, i am not so sure that joe biden -- accumulated a broad coalition i think has anti-trump world democratic party that went to polls,there in various states let's recommend he lost a lot of people who voted uncommitted or not committed not picking a candidate because of the response to the hamas israel kwar will he bring walk in the fold before november 5 remains to be seen a will go long way in states like minnesota michigan. >> we know who are shaping up for 2024 election a new report valleys robert f. kennedy's, jr., vice president short list considering new york jets quarterback aaron roirjz, and

jesse ventura as running mates the four time nfl mvp publicly supported kennedy what do you make. adam: i think absurd, just say no doesn't matter it in tickets won't work remember in ross perot -- split tickets fantasy on other is nikki haley would join him come on. maria: when i asked president biden couple weeks ago what the criteria for choosing your running mate i thought he had a very smart answer saying look it has to be that that person is ready to step in, things happen. >> right, right. maria: you know your vice president can one day be president. aaron rodgers. lee: no thank you. maria: can you take this serious i would like the joke to close us out, please. maria: [laughter]. lee: the thing i think

fascinating, has taken he does have great traction, attention, i thought response very well received people starting to take him more he seriously as alternative. >> guaranteed to watch numbers shrink. >> resonate, with america. >> i zarnt if aaron rodgers ends up running secret service protection will be way better than protection for jets offensive line. >> look who wrote that wanted to use it on my show didn't get a chance lucas that was for you. maria: markets on move hotter than coupled cpi looking to ppi out tomorrow morning we were ahead of it with piper sandler chief commitment nancy lazar, you are watching

"mornings with maria" live on fox business. .

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finished a new record high yesterday, and nasdaq was led by chip stocks nvidia nvidia leading the charge, to that 240 plus gain for the nasdaq, the stock, was up better than 7% yesterday after the semiconductor index down two days prior worse less than more than two months nvidia up again another fraction extending yesterday's 7% gain piper sandler chief global economist, i want to start on ai boom you said this ai boom is slowing down,, construction, tell us more. >> so we do expect capital spending ai related hardware strong increasing about 20% companies starting to cut back on other couple expenditures the chip, demand construction of factors at the same time a

surge in the cost of buying equipment for those face,, cost of construction so now you are actually seeing companies counseled and or slowdown the development of some factory projects announced a couple years ago, so real bifurcation within capital spending passed by u.s. attorney unfortunately ai related capex only 10% of capex not enough to alter overall picture from gdp perspective is we and a slight decline in capex commercial real estate continues under a lot of pressure, construction or not, office buildings, we think construction a lot of factories again that was, chip, set to slow down in 2024. maria: this is a really important point that you are making nancy, because i watch big capex spending as indicator of broad globally

story macrostory if you are being big purchases companies ceos at companies slowing down overall capex numbers does that impact the macro gdp story. >> good point. we saw fourth quarter announcing delay of being factories. he is about a first and foremost interest rates up second things trending, particularly in commercial real estate of the economy, so we do think this is an capital of the lag effects of all that to fed and banks on so slowed but creeping into broader effect of economy leading to more general not outright recession into second and third quarter >> by the way, i would have expected even bigger impact

since federal reserve raised rates 11 times, i would have expected a bigger impact not just capex but whole host of growth areas, for corporate america being are you surprised we haven't seen aing bigger dent in economic growth as a result of 11 rate hikes. >> something i should have done last year i did this year, on average how long does it take for fed rate cycle to negatively impact economy on average 10 quarters not four, not even eight quarters on average 10 quarters we are right now in quarters moving into timeline in lag effects of time established should have negative impact, so i think that we had a couple false starts, third quarter 2022 expectations -- 2023 so view that will have -- we tend to agree with that, we think moving into that period, as we go into again second third

quarter 2024. maria: 10 quarters very good info i like what you wrote in recent report about canceled project mentions quote/unquote in companies earnings call you say tend to correlate inversely capex planned canceled plans significant in fourth quarter. >> absolutely goes back to cost can have capital, the demand a surge in prices on constructing factories over almost 40%, past three years cost building a factory companies talking about what may be -- prices were, now 40% higher as a result, squeezing budgets with costs, in turn starting to cancel projects we have our data where we monitored capital spending plans we similar conclusions there also in our data has

seen clear, is companies, into the united states or capital plans in 2020, 2024. maria: you list them i love you list number of companies that actually mentioned it, what do you think about the rest of the year and thefrz rate cuts we are hearing so much about nancy fed meeting next week, march 19, 20, yield on 10-year right now all the way back typical close to 4. %, as -- 4.2% federal reserve pick off that meeting european central bank policymakers likely cutting rates as victory against inflation in site according to ecb, bank of japan, give your take on central banks of the world what happens next. >> a very, very diverse world here in the united states we have clearly sticky inflation, our point that is unless we do get a very clear slowdown in

the economy recession in the economy increasing unemployment rate we think, that was postponed fed rate cuts in 2024 if our outlook unfolds and higher unemployment rate indeed that does mean inflation will slow sustained basis -- i think a little early to come to that conclusion given what his perceived results in inform in the u.s. economy europe, it is unfortunate germany practically driver you european essay is a major headwind the european economy stagnant growth, in are '19 not very productive if anything wage costs way too high, strong unions, and so the margins that has postponed. cb easing we do expect to see, we expect to see ecb easing but because really, really, in

a very bad place. how much going to ease it maybe -- very diverse world indeed, doj, they have their you know their -- very definitely want strong wage gains help corporate revenues profits of soared increases odds, you are getting bigger wage gains does obviously, increases -- dodge can start to scale back japan our favorite still our favorite balanced economy because of profit cycle for now very, very strong, currency come back a little bit, expectations dial back stimulus we don't think a negative for japan we just think increasesodes inflation -- doesn't get out of control again, you can't make, no way

to synchronize global economies. maria: look japan has been the one to watch recently for sure a lot of money moving into japan nancy great to talk with you thanks so much. >> thank you for your time. >> nancy lazar joining us have a good day quick break lawmakers voting on a bill could essentially ban tiktok in the united states, unless it divests in bytedance deputy national security adviser under president trump joining us to weigh in on the threat you are watching "mornings with maria" live on business. we'll be right back. . ♪ . if your business needs a new application then developers will have to write code. a lot of code.

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the republican majority of the house now down for razor-thin margins cheryl casone. cheryl: yes, maria, congressman ken buck in colorado announcing will retire end of next week new change in house of representatives, republicans right now hold a narrow six seat majority in the house only two votes to advance legislation current balance of power, going to be 431 members, 218 republicans, 213 democrats gop only able to lose two votes of their own, at any given issue. >> why did you decide to announce your resignation by the end of next week? not wait for end of your-term. i just feel an important work to be done, concerning, the -- election and how we choose candidates, i want to get involved in election cycle

make sure we choose best candidates we can. >> did you let -- inspector. >> i did. >> can he talk to you out of your decision? >> that was not as well as he talked me into some votes. >> served in congress since 2014, peta has a target joe biden, the medicinal rights group lobbying first lady to swap out eggs used at annualwhites easter eggroll for the potatoes saying potato roll would be welcomed event by every time, for religion or cultural environmental reasons no word from white house. >> united kingdom national health service banned puberty blockers for kids that suppress sex hormones, they are not available for young

children gender incongruent or dysphoria. also ordered a gender identity clinic to close because of safety concerns some of your headlines. maria: ,headlines potato roll? >> thanks the house expected to face a bipartisan situation today, as they try to pass a bipartisan bill would force bytedance to divests tiktok or risking ban from u.s. app stores fbi, justice department offers of the director national intelligence, classified briefing for mouse lawmakers yesterday ahead of to the tiktok ceo focusing on senate meeting with lawmaker on capitol hill trying to lobby against this bill expected to do the same today, joining me right now heritage foundation vice president of national security foreign bill deputy national security adviser under president trump

victoria coates thanks for being here what do you have expect out of this vote. >> i think this will pass out of the house, seems just common sense, that we don't want chinese communist party controlled companies literally in our children's pockets harvesting data targeting them rather than tiktok ban what we're looking at is a way to get divested option for company to go forward see what happens in the senate. >> does it die in the senate do you think i know there is bipartisan support for doing something, about the threat of tiktok, butch, i am wondering if in fact i guessing to the way so many things do? that they pass in house dies in senate? >> that is the problem with

the very narrow margins that we were just discussing, very, very hard to get a majority. but i would just hope again this would be seen as a common sense measure to protect particularly young people in the united states, i mean there is a reason maria that this is not available in china they don't want their children on it realizes that it is a danger, so i think we should actually follow their lead on this, and prevent it from being -- being used on american children. maria: great point that you make in terms of what is in china what suspect in china. because they might have an app similar but it is not what is the content that is on tiktok. can you walk us through how you see this threat how significant is it what is the most important thing that we need to understand about tiktok? >> there are two pieces to it one is context that pushing particularly to vulnerable young people, and things like content that would promote

anorexia, concerning content that creates climate anxiety application people have think my gosh the world is going to end, particularly on young people who have anxiety disorders they can tell from way they used the app the data that they collect, what do you look at, what can they get off your phone if tiktok is on your phone, so then they can target you with additional content. it is really insidious from a couple different angles looking at ads on television that running you would think all about veteran services family fun. but that is far from the case. maria: we spoke with sec commissioner brendan carr yesterday here is what he said. >> the cusp achieving a very significant legislative win this week. >> on cusp of gekt a legislative win means you

tiktok will be fostered to receiver from communist party. >> will revolve the national security threat from tiktok requiring to divest. >> sounds like you agreed with that the open question in the senate i guess vik viktoria not just about tiktok "the wall street journal" reporting incoming vice president of taiwan on low precisely visit to washington the trip will conclude meetings with u.s. officials about new government's agenda victoria you visited taiwan a couple weeks ago what was your takeaway from that trip? >> it was really an extraordinary experience, maria i tend to get bogged down in middle east don't spend as much time in far east as i should it was high time for heritage's president kevin roberts, i to go to taiwan, we met with the president electric, lai soon to be

former vice president, former ambassador now vice president, in washington, and taiwan is a wonderful success story struck me like israel as a country punches hugely above weight had enormous technologically success in a horrible neighborhood under terrible threat one issue you discussed many times, is that taiwan is one of the world's producers of if not great producer of semiconductor chips critical to everything we now use technologly, as developing ai capacities going to need more and more ever more sophisticated chips very difficult to produce them in the united states to cost and scale, we need taiwan, and that is what with respect exploring with them on this trip, how taiwan can fortify itself, against communist china their designs on the island how united states can

sift. >> as to it starts with policy at the top president biden has not done much to stop or try to challenge communist china's aggression on the united states, for example, all these chinese nationals through wide-open border why here i sponge with congressman guy reschenthaler earlier he believes that xi jinping or ccp is sending them watch this. >> you can't do anything in china without approval from the deposit let alone leave the country. so they are coming here i would speculate if china invades taiwan a cyber tactic being love to us off guard maybe sleeper cells engage in espionage lead foment civil unrest debilitate our act to react to impending direction of taiwan they were here at direction of ccp military will

aged chinese men have given okay to come here waiting town leech chaos if and when china tried to invade taiwan not only are we having a threat from terrorism there is also a threat from the ccp here as well. do you agree, clult congressman reschenthaler from my great state of pens one hundred percent correct i was earlier you had a slide showed that colombia country has highest anybody of migrants coming across the soun border but china is success when we first started talking about this it was real small months in chinese nationals now number two on the list why is that happening you don't have marginaling migration out of china without government being aware if not actively promoting it i can't come up with a good scenario by which this number of christian christian wants to come in

illegally. >> we constantly ask is joe biden compromised is that why he has not been tougher on communist china democrats more interested talking russia, russia, russia than addressing serious threat of communist china as christopher wray else to us ccp number one with adversary house flats moving to force vote on 95-billion-dollar security aid bill passed senate includes money ukraine for israel democrat lawmakers said they would accept signatures on discharged peat allows members to bypass leaders put legislation directly on the floor if able to get 218 signatures, white house also announced new 300-million-dollar aide package for ukraine yesterday victoria all about money to ukraine, dealing with russia, and not reacting at all to all

of these aggressive moves from communist china. why? >> priorities are completely out of whack, i think you know ukraine obviously, is a very important issue nobody wants putin to win don't want more aggression at the same time we can't disaggregate that from china problems xi is essentially acting as put's banker in all this we need to get to the root of the problem which is china as you say, and figure out how we're going to organize ourselves as country to counter this threat because starting with taiwan, also here at home, this is -- this is creeping into our country, and we are not organized to counter it i don't know whether the president's compromised i don't know 23 chasing some kind of climate deal that they have to get with china, that would for whatever reason there is not a sense of, out of this white house. >> is there an urgency about all these companies on our exchanges some which are actually sanctioned roger

robinson talked about this so much rejection recently had of chinese influence is that going to lead to a similar rejection by a hundred million millionaires potentially holding chinese stocks in portfolio right now aren't they basically funding expansion of our number one adversary. >> they are an interesting question looking at from heritage perspective how many pension funds, for example, have massive chinese exposure that is a late lever chairman xi would potentially use against us i think we have toget after financial exposure to china a great a strength what we should use against them to move of their behavior not allowing them to infiltrate and corrupt. maria: we leave it there great to talk with you thanks so much victoria coates, president biden touting economy as prices up better than 128% since he took office fox business edward lawrence

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he have biden touting economy as americans grapple we'll sky-high prices in order to get a deeper look at how the biden administration, used views this economy edward

lawrence will sit down with treasury secretary janet yellen today live in liztown kentucky with more. >> that interview in a few hours, she has not been on fox business until now finally get to ask all questions we want to ask of her, you know. the what americans are feeling i mean all prices are up 18 1/2% bank accounts don't look much better when you go to food, 21% january 2021 to february 2024 double-digit increases for shelter electricity, this is transition for president biden electricity prices, up more than 28%, this is what americans feel but this is what they hear from the president. >> are strong wages rising inflation is down individuals, have filed a start of additional 16 new businesses since i took office. applications do that -- >> i will ask about the

president's proposed budget features taxing egs tax increases republicans say flun starter. >> this approach suffocating amount of taxes, that this president administration want to impose a damper on economy ultimately the opportunities we want team to have in the united states of america. . >> clips of that interview on "varney & co." 1b owner time extended version 1:00 pm eastern on big money. >> looking forward to that the angle on 5 1/2 trillion dollars in tax increases, that this president wants as well, thank you nice going edward lawrence joining us with a preview that have big interview stay with us we'll be right back, you are watching "mornings with maria" live on fox business.

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♪ maria: welcome back. time for the big buzz of the morning. check this out, dollar stores in disarray. dollar tree announcing plans to close nearly 1,000 stores,

family dollar stores. then there's this, a wisconsin dollar general is forced to close after all of its employees quit at the same exact time. they quit for being with underpaid, overworked, and they said it's a lack of appreciation. so, -- todd, they all quit. >> again, i'm not a big union guy, but i think this is one of the benefits of unionization, please don't shoot me, because you shouldn't be working seven days a week, you shouldn't be abused like that, and the company should have a better policy in place. and if it means raising wages, i think that's a positive. if it means your business model as a dollar store doesn't work in this environment, take that up with the president who caused inflation that is basically destroyed your business model. maria: they certainly showed management. >> oh, my goodness, did they ever. [laughter] it shows there's a worker shortage, you know in it's hard to get detail workers, it's a hard to get people to work in this environment. and so this is what we're starting to see happening -- maria: 10 million illegals in the country right now, i guess

businesses may be tapping into that as well, adam. >> yeah, you would think. and you walk around to cvs issues in new york city, everything is behind glass. i went in with a list of 20 things, my soap, my ham poo, and i said to the manager, are you going to have someone walk around with me and open 20 separate locks -- maria: and he said, yes. >> he said, yeah. i said, thank you, but i'm one of probably 25 or 30 people in here, you've only got 3 assistants. it doesn't work. crazy. maria: that's the issue, for sure. we are, what, 30 minutes away from the opening bell. for a wednesday markets are mixed. the nasdaq is lower by 52, s&p flat, down just 1 point. thank you, everybody, adam a, todd, lee are, have a great day, everybody. we will see you tomorrow right here, same place, statement asylum. varney and company company picks it up. stu, take it away.

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